Worlds first true Bitcoin Check Card

[tradecoinz]

Hey Everyone,

We are trying to get several ideas/suggestions from the community. If possible, please give us some answers from the questions below.
The basis of our company is to provide an easy way to make Bitcoin transactions for eCommerce and B&M stores.
http://ibtcard.com/

The Problems

People who aren't tech savvy don't want to participate in an 8 step process to purchase products using Bitcoin. Furthermore, nobody wants to look like an idiot holding up a long line. The requirements to make a Bitcoin transaction are also a limiting factor:

. A charged cell phone
. An active internet connection
. Lots of Patience

Our Solution

   Our company would like to develop the first true Bitcoin debit card. Check cards do not need a cell phone or an active internet connection. This makes transactions involving Bitcoins quicker and simpler than other services that currently exist. Furthermore, Bitcoin allows us to keep our processing fees lower than other card providers.

   Like many other card companies, we would like to develop the channels allowing merchants, banks, and exchanges to accept our cards. However, Due to the lack of services (Mostly banks), we plan to develop both merchant and consumer solutions:

. For merchants, we will process transactions and allow them to have daily ACH transfers to and from their bank account. Furthermore, we would like to integrate our card with popular POS systems.
. Many people don't understand how to obtain wallets - Let alone how to protect them. This is why our consumer solutions will allow users to obtain Bitcoins and secure them on our servers (Preventing wallet loss and theft). In the future, we hope "Bitcoin Banks" will take up this role to specialize in protecting and storing Bitcoins (While they integrate our cards). To secure our services, our cards will feature OTP event-based authentication. This requires a different pin every transaction. This prevents unauthorized transactions and account logins. 

Our Dream

   Our main goal is to shift Bitcoin from a trading platform to a stable currency. We believe this business will increase Bitcoin stability, promote Bitcoin use, and expand its acceptance. 

About Us

   This company started out as an online retailer. We later decided we decided to develop technologies that make transactions easier between consumers and merchants.

What we want to know

1) Would this be a product you would use? If not, please explain.
2) As a merchant, would you be willing to integrate our services?
3) If you operate a B&M store; would you be willing to integrate our card with your POS system?
4) Do you have any questions or concerns that you would like to address?

Cheers,
Cameron Halter
Tradecoinz, LLC
http://ibtcard.com/
2625 Piedmont Rd NE Ste.56-401
Atlanta, GA 30324

[bittick]

when will this be released?and whats that scurity technology that youre using?

[MSantori]

Do you plan to take advantage of the payment processor exceptions to the MSB regulations? Or will you seek MSB licensing?

[flavius]

if you can get a card that lets you withdrawal to from paypal then not only will you have my business, but the entire darknet

[bbit]

This isn't going to work.

[btceic]

if you can get a card that lets you withdrawal to from paypal then not only will you have my business, but the entire darknet

Forget paypal, too many fees and arbitray account freezes.

[flavius]

not if you aren't retarded, account doesn't need to last forever regardless

if they make a debit card that is funded by an actual bank (not really sure how all of this works but im sure the OP does) then paypal will work with it

[Lohoris]

Bitcoin Central boasted that they would do it.
They didn't.

[tradecoinz]

Sorry for the delay guys, I have been busy this summer working on the framework for the back-end and figured this post wouldn't gain much attention. I figured I will answer most of the questions:

when will this be released?and whats that scurity technology that youre using?

We were looking to release in Mid to late August. However, we have been running into problems with storing OTP keys. We are currently working with 10 beaglebones that act like HSMs (They have been encased in epoxy with tamper sensors) that will sign hot wallet bitcoin transactions to a certain amount. This only happens after several security checks have been made - Including OTP verification by the use of your iBTCARD. (Those OTP keys will also be stored on separate beaglebones.) If the amount is surpassed or an abnormal amount of transactions occur using the same OTP Key; an employee will manually oversee the transaction and verify it's legitimacy. Simply put: A hacker will have to go through several layers of security to transfer bitcoins out of a hot-wallet.  

To further security, we are looking into purchasing our own server equipment and renting space in a local data-center. (To prevent any sort of inside job)

Do you plan to take advantage of the payment processor exceptions to the MSB regulations? Or will you seek MSB licensing?

In regards to FinCEN, we will file as a Money Services Business. I believe it will be in the best interest of the company to follow the laws of the land. We will have policies in place to prevent theft/money laundering, and we will report those suspected to the authorities. I don't understand why some people think that is a big problem; just don't steal or launder money.

if you can get a card that lets you withdrawal to from paypal then not only will you have my business, but the entire darknet

We are looking into other options than paypal. We have contacted paypal, and they weren't too happy about it. However, we are looking into other options. Our current plan is to release our card in conjunction with several Bitcoin ATM's located around a city. Because of this, we plan to slowly release this card. I believe this will be the best route; allowing us to deploy 10-20 ATMs in a city before its release. Furthermore, we will do something similar to what Google did with Google Fiber. The city with the most preregistrations will be given highest priority.

To wrap everything up, I am counting on a future where "Bitcoin Banks" provide a higher amount of security. In my opinion, the number one thing limiting bitcoin is the fact that it's being used as a trading platform. It is essential to develop new technologies, however, it is even more important to integrate with technologies that currently exist. If you do so, more companies would be willing to accept Bitcoin in their business. To add on to that; If you truly want this currency to succeed, you need an organization that's willing to promote policies and certify companies that are implementing good security.

P.S. We are always looking for experienced investors and developers. Feel free to PM me if you have any sort of interest for the project.

Best,
Cameron Halter
http://ibtcard.com/
Tradecoinz, LLC